Ethereum founder Vitalik Buterin has defended himself by saying that his fiat currency holdings are less than $30 million following claims that he sold 545,000 ETH for $49 million in March 2016.

A CryptoSlate report estimates that Buterin’s fiat holdings are roughly $49 million but the Ethereum founder has responded claiming that he holds less than the estimated amount. The publicized claim about his alleged fiat holdings was published after his primary crypto wallet address was analyzed. The analysis factored in his crypto holdings as well as the cash consideration for the cryptocurrencies he sold in the past. It also involved an analysis of his annual salary.

The analysis was carried out by a Tetras Capital analyst called Alex Sunnarborg. He claims that Buterin’s net worth is roughly $79 million and Ethereum currently represents his largest holding which is obvious considering that he is its founder. Vitalik also happens to be one of the most recognized and respected figures in the cryptocurrency market. Sunnarborg’s analysis does not factor in charity donations worth $8 million. Buterin responded to the analysis discrediting it with a much lower figure.

“My fiat holdings are well under $30m. You likely overestimated due to (1) all prices generally being on the high side,” stated Buterin in his response statement.

Vitalik’s fiat holding is less than the predicted figure

Sunnarborg had even challenged Vitalik to respond to the analysis on the Twitter microblogging platform. The Ethereum founder responded saying that he has never at any one time cashed out an amount more than $915. The cryptocurrency community has had a close eye on Buterin’s cryptocurrency holdings for some time now in an effort to identify a relationship with price predictions.

The Ethereum founder’s cryptocurrency account still has a significant holding which means that he still has faith in the system at a time when cryptocurrency prices have been taking. This suggests that he is still confident about the market performance, otherwise, he would have already cashed out. This is an indicator that Ethereum investors should consider holding on to their digital currencies. The cryptocurrency has already demonstrated a good recovery from its 2018 low of around $85 to around $135.27 at the time of this press.